Introduction
College costs money, and prices tend to rise over time.5 This College Savings Calculator shows you how much you may need and how much to save each month to get there.
Just fill in a few facts: your child's age, the type of school, and what you save now. The calculator adds in cost increases, grants and scholarships, and the growth of your money over time. Then it tells you if you are on track.
You will see:
- The total cost of college by the time your child starts
- Your savings goal, based on how much you want to cover
- What your savings will grow to
- Your gap or extra, plus the monthly amount needed to hit your goal
Charts, a year-by-year table, and step-by-step math show how each number is found. Move the sliders to test new plans and see the change right away. Even small monthly savings can grow a lot when you start early.
How to use our College Savings Calculator
Enter your child's age, the type of college you expect, your savings, and how much you put away each month. The calculator shows your total college cost, your savings goal, what your savings will grow to, and the monthly amount you need to hit that goal.
Child's Current Age: Drag the slider or type your child's age today. The tool counts the years left until age 18.
Expected Years in College: Use the plus and minus buttons to pick how many years your child will study. Pick 2 for most associate degrees and 4 for a bachelor's degree. Many students take longer than four years to finish a bachelor's degree.
Type of College: Tap one of the four buttons: public in-state, public out-of-state, private, or community college. Each one fills in an average yearly cost for you.
Annual College Cost: Change this if you have a better number. Add tuition, fees, and room and board for one year. Editing it turns the preset into a custom cost.
Expected Annual Cost Increase: Type how fast you think college prices will rise each year. In 2026-27, average published tuition and fees rose 2.4% to 3.7%, before adjusting for inflation.5
Annual Household Income: Enter your family's yearly income before taxes. This helps the tool guess your need-based aid.
Expected Annual Scholarships & Grants: Enter free money your child may get each year. Click "Re-estimate" to let the tool guess it again from your income and college type.
Percentage of Remaining Costs to Cover from Savings: Slide to the share of the leftover bill you want your savings to pay. You can cover the rest with loans, jobs, or current income.2
Current College Savings: Enter what you have saved now, like a 529 plan, savings bonds, or a custodial account.
Monthly Savings Contribution: Enter what you add each month. The tool assumes this amount grows 2.5% a year.
Expected Annual Rate of Return: Type the yearly growth you expect on your invested savings. The tool lowers this rate as college gets closer.
Click Calculate to see your results, or use the monthly savings slider in the results to test new amounts. Click Reset to start over.
Saving for College
College prices tend to rise over time. Saving early is the best way to pay for it. When you save early, your money has more time to grow. That growth is called compound interest, and it does a lot of the work for you.
What College Costs
The full price of college is more than tuition. It also includes fees, housing, meals, books, and supplies. Here are the 2026-27 national averages for tuition, fees, housing, and food:5
- Community college (2-year): about $15,470 per year.5
- Public in-state (4-year): about $26,720 per year.5
- Public out-of-state (4-year): about $47,160 per year.5
- Private nonprofit (4-year): about $62,920 per year.5
In 2026-27, average published tuition and fees rose 2.4% to 3.7% depending on the type of college, before adjusting for inflation.5 From 2016-17 to 2026-27, the average cost of tuition, fees, housing, and food rose about as fast as general inflation at private nonprofit four-year colleges and a little slower at public four-year colleges.5 So a school that costs $26,720 today may cost much more by the time your child starts.
Scholarships and Grants
You do not have to save the full price. Scholarships and grants are free money you never pay back. Grants are often based on family income, so families who earn less usually get more. Merit scholarships are based on grades, or on grades plus a special talent or interest such as sports or art, so a strong GPA and solid SAT or ACT scores can be worth real money. Take the total cost, subtract this free money, and what is left is your net cost.
You Do Not Need to Save 100%
Most families pay for college from more than one place. In the How America Pays for College 2026 study, parent income and savings covered 39% of college costs, and families paid 49% of the total out of pocket.2 The rest can come from:
- Student and parent loans
- Money the student earns from a job or work-study
- Money paid from current income while the child is in school
- Help from grandparents or other family
Picking a coverage goal, like 50%, makes your savings target smaller and easier to hit.
Where to Put Your Savings
A 529 plan is a tax-advantaged savings plan made for future education costs.6 Your money grows tax-free, and you pay no tax when you use it for school costs.3 Many states also give a tax break for putting money in, though you may need to use your own state's plan to get it.6 Other choices include Coverdell accounts, custodial accounts, and plain savings accounts. Savings accounts are safe but grow slowly, so they may not keep up with rising college prices.
How Your Money Grows
From 1928 to 2025, the S&P 500 with dividends earned 10.02% a year and 10-year Treasury bonds earned 4.53% a year, compounded.7 Money invested in a mix of stocks and bonds falls between the two. 529 savings plans can include age-based portfolios, which typically move your money into safer choices as your child gets older.6 That lowers your growth rate a little, but it protects your savings from a big drop right before the tuition bills start.
Simple Ways to Save More
- Start now. Even $25 a month helps. Time matters more than the amount.
- Use auto-transfers. Money you never see is money you do not spend.
- Raise it each year. Bumping your amount up a little each year keeps up with rising prices.
- Add gift money. Birthday cash, tax refunds, and bonuses can go straight to the account.
- Save for retirement first. Loans can help pay for college if your savings fall short. Keep an emergency fund in place.
Also fill out the FAFSA every year your child is in college.8 It is free, and colleges use it to decide how much aid your child can get, which could include grants, scholarships, work-study, and loans.8